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GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the first quarter of 2012 were $1.50, compared with $1.59 in the year-earlier quarter. GAAP-basis net income in each of the initial quarters of 2012 and 2011 was $206 million. GAAP-basis net income for the first three months of 2012 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.06% and 9.04%, respectively, compared with 1.23% and 10.16%, respectively, in the similar 2011 period.

The recent quarter's earnings as compared with the first quarter of 2011 reflect higher net interest income, lower credit costs, and higher trust income and residential mortgage banking revenues. While not significant in the recent quarter, last year's earnings were lifted by $39 million of realized gains from the sale of investment securities ($24 million after-tax effect, or $.20 of diluted earnings per common share), as M&T repositioned its balance sheet in anticipation of the acquisition of Wilmington Trust Corporation ("Wilmington Trust").

Commenting on the recent quarter's performance, Rene F. Jones, Executive Vice President and Chief Financial Officer, said, "M&T's first quarter results reflect our continued progress with the integration of Wilmington Trust, lower credit costs and improvement in several revenue categories, including net interest income, mortgage banking revenues, trust income and fees for providing deposit services. Additionally, average loans grew an impressive 10% on an annualized basis as compared with the fourth quarter of 2011. The Tier 1 common ratio increased 18 basis points from the 2011 year-end to 7.04% at the end of the first quarter. Our strong first quarter positions us well for 2012."

Diluted earnings per common share and GAAP-basis net income in last year's fourth quarter were $1.04 and $148 million, respectively. GAAP-basis net income in that quarter expressed as an annualized rate of return on average assets and average common shareholders' equity was .75% and 6.12%, respectively. Results for the final 2011 quarter reflected several noteworthy items, including: a $79 million (pre-tax effect) other-than-temporary impairment charge related to M&T's 20% investment in Bayview Lending Group LLC ("BLG"); $55 million of income in full settlement of a lawsuit arising from a 2007 investment in collateralized debt obligations; and a $30 million tax-deductible cash contribution to The M&T Charitable Foundation. The after-tax impact of those three items reduced net income in the fourth quarter of 2011 by $33 million, or $.26 of diluted earnings per common share.

Supplemental Reporting of Non-GAAP Results of Operations. M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and gains and expenses associated with merging acquired operations into M&T, since such items are considered by management to be "nonoperating" in nature. Although "net operating income" as defined by M&T is not a GAAP measure, M&T's management believes that this information helps investors understand the effect of acquisition activity in reported results. Reconciliations of GAAP to non-GAAP measures are provided in the financial tables included herein.

Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and merger-related gains and expenses, were $1.59 in the recent quarter, compared with $1.67 and $1.20 in the first and fourth quarters of 2011, respectively. Net operating income for the first three months of 2012 totaled $218 million, compared with $216 million and $168 million in the quarters ended March 31, 2011 and December 31, 2011, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.18% and 16.79%, respectively, in the first quarter of 2012, compared with 1.36% and 20.16% in the year-earlier quarter and .89% and 12.36% in the final 2011 quarter.

Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income increased an annualized 2% to $627 million in the recent quarter from $625 million in the fourth quarter of 2011. That improvement reflects a nine basis point (hundredths of one percent) widening of the net interest margin to 3.69% from 3.60% in the immediately preceding quarter. The wider net interest margin reflects the impact of a $1.41 billion increase in average loans outstanding in 2012's initial quarter, which largely offset a decline in lower yielding balances held at the Federal Reserve Bank of New York. Taxable-equivalent net interest income increased 9% in the first quarter of 2012 from $575 million in the year-earlier quarter. The improvement in such income resulted from an $8.96 billion increase in average earning assets, partially offset by a 23 basis point narrowing of the net interest margin, both of which were attributable to the impact of the Wilmington Trust acquisition on May 16, 2011.

Provision for Credit Losses/Asset Quality. The provision for credit losses was $49 million in the first quarter of 2012, improved from $75 million and $74 million in the first and fourth quarters of 2011, respectively. Net charge-offs of loans during the recent quarter were $48 million, down from $74 million in each of the first and fourth quarters of 2011. Net charge-offs expressed as an annualized percentage of average loans outstanding improved significantly to .32% in the first three months of 2012 from .58% and .50% in the first and fourth quarters of 2011, respectively.

Loans classified as nonaccrual totaled $1.07 billion, or 1.75% of total loans outstanding at March 31, 2012, improved from $1.08 billion or 2.08% a year earlier and $1.10 billion or 1.83% at December 31, 2011.

Assets taken in foreclosure of defaulted loans were $140 million at March 31, 2012, down from $218 million and $157 million at March 31, 2011 and December 31, 2011, respectively. The decline in such assets at the two most recent quarter-ends as compared with March 31, 2011 resulted predominantly from the sale during the second quarter of 2011 of a commercial real estate property in New York City with a carrying value of $99 million. Reflected in assets taken in foreclosure of defaulted loans at March 31, 2012 and December 31, 2011 were $40 million and $48 million, respectively, of assets related to the Wilmington Trust acquisition.

Allowance for Credit Losses. M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of determining the allowance for credit losses. As a result of those analyses, the allowance totaled $909 million at March 31, 2012, compared with $904 million at March 31, 2011 and $908 million at December 31, 2011. The allowance expressed as a percentage of outstanding loans was 1.49% at March 31, 2012, compared with 1.73% and 1.51% at March 31, 2011 and December 31, 2011, respectively.

Noninterest Income and Expense. Noninterest income totaled $377 million in the first quarter of 2012, compared with $314 million and $398 million in the first and fourth quarters of 2011, respectively. Reflected in those amounts were net losses on investment securities of $11 million in the initial 2012 quarter, compared with net gains of $23 million in the first quarter of 2011 and net losses of $25 million in the fourth quarter of 2011. The net losses on investment securities during the recent quarter and the fourth quarter of 2011 were predominantly due to other-than-temporary impairment charges related to certain of M&T's privately issued collateralized mortgage obligations. Partially offsetting the previously noted realized securities gains in the initial 2011 quarter, which totaled $39 million, were $16 million of other-than-temporary impairment charges related to certain of M&T's holdings of privately issued collateralized mortgage obligations.

Excluding gains and losses from investment securities in all periods and the $55 million of income resulting from the litigation settlement in 2011's final quarter, noninterest income totaled $388 million in the recently completed quarter, up from $291 million in the first quarter of 2011 and $368 million in the final 2011 quarter. Contributing to the rise from the year-earlier quarter were higher trust income, predominantly related to the Wilmington Trust acquisition, and mortgage banking revenues. The improvement in such noninterest income as compared with the final 2011 quarter was largely due to higher residential mortgage banking revenues. Contributing to those improved revenues were higher gains on residential real estate loans and commitments to originate loans to be sold. M&T continued its program of retaining residential real estate loans on its balance sheet, effectively reducing mortgage banking revenues by approximately $21 million that would have been recognized had the loans been held for sale. That compares with approximately $11 million of similar impact in last year's final quarter.

Noninterest expense in the first quarter of 2012 totaled $640 million, compared with $500 million and $740 million in the first and fourth quarters of 2011, respectively. Included in such amounts are expenses considered to be nonoperating in nature consisting of amortization of core deposit and other intangible assets and merger-related expenses. Exclusive of those expenses, noninterest operating expenses were $620 million in the recently completed quarter, $483 million in the first quarter of 2011 and $706 million in the final 2011 quarter. The most significant factor for the higher level of operating expenses in the recent quarter as compared with the year-earlier quarter was the impact of the operations obtained in the Wilmington Trust acquisition. The decrease in expenses from the fourth quarter of 2011 was largely the result of the previously noted fourth quarter charges related to the other-than-temporary impairment of M&T's investment in BLG and the $30 million charitable contribution, partially offset by recent quarter seasonally higher costs for stock-based compensation, unemployment insurance, and payroll-related taxes and employer contributions for retirement savings plan benefits related to incentive compensation payments.

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities and merger-related gains), measures the relationship of operating expenses to revenues. M&T's efficiency ratio was 61.1% in the first quarter of 2012, compared with 55.8% in the year-earlier quarter and 67.4% in the fourth quarter of 2011.

Balance Sheet. M&T had total assets of $79.2 billion at March 31, 2012, up 17% from $67.9 billion a year earlier. Loans and leases, net of unearned discount, increased $8.8 billion or 17% to $60.9 billion at the recent quarter-end from $52.1 billion at March 31, 2011, and were $826 million higher than $60.1 billion at December 31, 2011. Total deposits rose 21% to $60.9 billion at March 31, 2012 from $50.5 billion a year earlier.

Total shareholders' equity increased 11% to $9.4 billion at March 31, 2012 from $8.5 billion at March 31, 2011, representing 11.91% and 12.53%, respectively, of total assets. Common shareholders' equity was $8.6 billion, or $67.64 per share at March 31, 2012, up from $7.8 billion, or $64.43 per share, a year earlier. Tangible equity per common share rose 13% to $38.89 at March 31, 2012 from $34.38 a year earlier. Common shareholders' equity per share and tangible equity per common share were $66.82 and $37.79, respectively, at December 31, 2011. In the calculation of tangible equity per common share, common shareholders' equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances. M&T's tangible common equity to tangible assets ratio was 6.51% at March 31, 2012, improved from 6.44% and 6.40% at March 31, 2011 and December 31, 2011, respectively. M&T's estimated Tier 1 common ratio was 7.04% at March 31, 2012 compared with 6.78% and 6.86% at March 31, 2011 and December 31, 2011, respectively.

Conference Call. Investors will have an opportunity to listen to M&T's conference call to discuss first quarter financial results today at 10:30 a.m. Eastern Time. Those wishing to participate in the call may dial (877)780-2276. International participants, using any applicable international calling codes, may dial (973)582-2700. Callers should reference M&T Bank Corporation or the conference ID #70075727. The conference call will be webcast live through M&T's website at http://ir.mandtbank.com/events.cfm. A replay of the call will be available until Wednesday, April 18, 2012 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to the ID #70075727. The event will also be archived and available by 7:00 p.m. today on M&T's website at http://ir.mandtbank.com/events.cfm.

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust- affiliated companies and by M&T Bank.

Forward-Looking Statements. This news release contains forward-looking statements that are based on current expectations, estimates and projections about M&T's business, management's beliefs and assumptions made by management. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Future Factors") which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Future Factors include changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; legislation affecting the financial services industry as a whole, and M&T and its subsidiaries individually or collectively, including tax legislation; regulatory supervision and oversight, including monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the Future Factors that could affect the outcome of the forward-looking statements. In addition, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other Future Factors.

INVESTOR CONTACT:

Donald J. MacLeod

(716) 842-5138

MEDIA CONTACT:

C. Michael Zabel

(716) 842-5385

M&T BANK CORPORATION

Financial Highlights

Three months ended

Amounts in thousands,

March 31

except per share

2012

2011

Change

Performance

Net income

$

206,463

206,273

-

%

Net income available to common shareholders

188,241

190,121

-1

%

Per common share:

Basic earnings

$

1.50

1.59

-6

%

Diluted earnings

1.50

1.59

-6

%

Cash dividends

$

.70

.70

-

%

Common shares outstanding:

Average - diluted (1)

125,616

119,852

5

%

Period end (2)

126,534

120,410

5

%

Return on (annualized):

Average total assets

1.06

%

1.23

%

Average common shareholders' equity

9.04

%

10.16

%

Taxable-equivalent net interest income

$

627,094

575,131

9

%

Yield on average earning assets

4.24

%

4.60

%

Cost of interest-bearing liabilities

.80

%

.91

%

Net interest spread

3.44

%

3.69

%

Contribution of interest-free funds

.25

%

.23

%

Net interest margin

3.69

%

3.92

%

Net charge-offs to average total

net loans (annualized)

.32

%

.58

%

Net operating results (3)

Net operating income

$

218,360

216,360

1

%

Diluted net operating earnings per common share

1.59

1.67

-5

%

Return on (annualized):

Average tangible assets

1.18

%

1.36

%

Average tangible common equity

16.79

%

20.16

%

Efficiency ratio

61.09

%

55.75

%

At March 31

Loan quality

2012

2011

Change

Nonaccrual loans

$

1,065,229

1,081,920

-2

%

Real estate and other foreclosed assets

140,297

218,203

-36

%

Total nonperforming assets

$

1,205,526

1,300,123

-7

%

Accruing loans past due 90 days or more (4)

$

273,081

243,990

12

%

Government guaranteed loans included in totals

above:

Nonaccrual loans

$

44,717

36,300

23

%

Accruing loans past due 90 days or more

252,622

209,787

20

%

Renegotiated loans

$

213,024

241,190

-12

%

Acquired accruing loans past due 90

days or more (5)

$

165,163

115,554

43

%

Purchased impaired loans (6):

Outstanding customer balance

$

1,158,829

206,253

Carrying amount

604,779

88,589

Nonaccrual loans to total net loans

1.75

%

2.08

%

Allowance for credit losses to total loans

1.49

%

1.73

%

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related gains and expenses which, except in

the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 18.

(4) Excludes acquired loans.

(5) Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6) Accruing loans that were impaired at acquisition date and recorded at fair value.

M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

Three months ended

Amounts in thousands,

March 31,

December 31,

September 30,

June 30,

March 31,

except per share

2012

2011

2011

2011

2011

Performance

Net income

$

206,463

147,740

183,108

322,358

206,273

Net income available to common shareholders

188,241

129,804

164,671

297,179

190,121

Per common share:

Basic earnings

$

1.50

1.04

1.32

2.43

1.59

Diluted earnings

1.50

1.04

1.32

2.42

1.59

Cash dividends

$

.70

.70

.70

.70

.70

Common shares outstanding:

Average - diluted (1)

125,616

124,736

124,860

122,796

119,852

Period end (2)

126,534

125,752

125,678

125,622

120,410

Return on (annualized):

Average total assets

1.06

%

.75

%

.94

%

1.78

%

1.23

%

Average common shareholders' equity

9.04

%

6.12

%

7.84

%

14.94

%

10.16

%

Taxable-equivalent net interest income

$

627,094

624,566

623,265

592,670

575,131

Yield on average earning assets

4.24

%

4.17

%

4.29

%

4.40

%

4.60

%

Cost of interest-bearing liabilities

.80

%

.82

%

.86

%

.89

%

.91

%

Net interest spread

3.44

%

3.35

%

3.43

%

3.51

%

3.69

%

Contribution of interest-free funds

.25

%

.25

%

.25

%

.24

%

.23

%

Net interest margin

3.69

%

3.60

%

3.68

%

3.75

%

3.92

%

Net charge-offs to average total

net loans (annualized)

.32

%

.50

%

.39

%

.43

%

.58

%

Net operating results (3)

Net operating income

$

218,360

168,410

209,996

289,487

216,360

Diluted net operating earnings per common share

1.59

1.20

1.53

2.16

1.67

Return on (annualized):

Average tangible assets

1.18

%

.89

%

1.14

%

1.69

%

1.36

%

Average tangible common equity

16.79

%

12.36

%

16.07

%

24.24

%

20.16

%

Efficiency ratio

61.09

%

67.38

%

61.79

%

55.56

%

55.75

%

March 31,

December 31,

September 30,

June 30,

March 31,

Loan quality

2012

2011

2011

2011

2011

Nonaccrual loans

$

1,065,229

1,097,581

1,113,788

1,117,584

1,081,920

Real estate and other foreclosed assets

140,297

156,592

149,868

158,873

218,203

Total nonperforming assets

$

1,205,526

1,254,173

1,263,656

1,276,457

1,300,123

Accruing loans past due 90 days or more (4)

$

273,081

287,876

239,970

239,527

243,990

Government guaranteed loans included in totals

above:

Nonaccrual loans

$

44,717

40,529

32,937

42,337

36,300

Accruing loans past due 90 days or more

252,622

252,503

210,407

205,644

209,787

Renegotiated loans

$

213,024

214,379

223,233

234,726

241,190

Acquired accruing loans past due 90

days or more (5)

$

165,163

163,738

211,958

228,304

115,554

Purchased impaired loans (6):

Outstanding customer balance

$

1,158,829

1,267,762

1,393,777

1,473,237

206,253

Carrying amount

604,779

653,362

703,632

752,978

88,589

Nonaccrual loans to total net loans

1.75

%

1.83

%

1.91

%

1.91

%

2.08

%

Allowance for credit losses to total loans

1.49

%

1.51

%

1.56

%

1.55

%

1.73

%

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related gains and expenses which, except

in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 18.

(4) Excludes acquired loans.

(5) Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6) Accruing loans that were impaired at acquisition date and recorded at fair value.

M&T BANK CORPORATION

Condensed Consolidated Statement of Income

Three months ended

March 31

Dollars in thousands

2012

2011

Change

Interest income

$

714,095

667,483

7

%

Interest expense

93,706

98,679

-5

Net interest income

620,389

568,804

9

Provision for credit losses

49,000

75,000

-35

Net interest income after

provision for credit losses

571,389

493,804

16

Other income

Mortgage banking revenues

56,192

45,156

24

Service charges on deposit accounts

108,889

109,731

-1

Trust income

116,953

29,321

299

Brokerage services income

13,901

14,296

-3

Trading account and foreign exchange gains

10,571

8,279

28

Gain on bank investment securities

45

39,353

-

Other-than-temporary impairment losses

recognized in earnings

(11,486)

(16,041)

-

Equity in earnings of Bayview Lending Group LLC

(4,752)

(6,678)

-

Other revenues from operations

86,410

91,003

-5

Total other income

376,723

314,420

20

Other expense

Salaries and employee benefits

346,098

266,090

30

Equipment and net occupancy

65,043

56,663

15

Printing, postage and supplies

11,872

9,202

29

Amortization of core deposit and other

intangible assets

16,774

12,314

36

FDIC assessments

28,949

19,094

52

Other costs of operations

170,959

136,208

26

Total other expense

639,695

499,571

28

Income before income taxes

308,417

308,653

-

Applicable income taxes

101,954

102,380

-

Net income

$

206,463

206,273

-

%

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

Three months ended

March 31,

December 31,

September 30,

June 30,

March 31,

Dollars in thousands

2012

2011

2011

2011

2011

Interest income

$

714,095

716,000

720,351

688,253

667,483

Interest expense

93,706

97,969

103,632

102,051

98,679

Net interest income

620,389

618,031

616,719

586,202

568,804

Provision for credit losses

49,000

74,000

58,000

63,000

75,000

Net interest income after

provision for credit losses

571,389

544,031

558,719

523,202

493,804

Other income

Mortgage banking revenues

56,192

40,573

38,141

42,151

45,156

Service charges on deposit accounts

108,889

104,071

121,577

119,716

109,731

Trust income

116,953

113,820

113,652

75,592

29,321

Brokerage services income

13,901

13,341

13,907

14,926

14,296

Trading account and foreign exchange gains

10,571

7,971

4,176

6,798

8,279

Gain on bank investment securities

45

1

89

110,744

39,353

Other-than-temporary impairment losses

recognized in earnings

(11,486)

(24,822)

(9,642)

(26,530)

(16,041)

Equity in earnings of Bayview Lending Group LLC

(4,752)

(5,419)

(6,911)

(5,223)

(6,678)

Other revenues from operations

86,410

148,918

93,393

163,482

91,003

Total other income

376,723

398,454

368,382

501,656

314,420

Other expense

Salaries and employee benefits

346,098

312,528

325,197

300,178

266,090

Equipment and net occupancy

65,043

65,080

68,101

59,670

56,663

Printing, postage and supplies

11,872

11,399

10,593

9,723

9,202

Amortization of core deposit and other

intangible assets

16,774

17,162

17,401

14,740

12,314

FDIC assessments

28,949

27,826

26,701

26,609

19,094

Other costs of operations

170,959

305,588

214,026

165,975

136,208

Total other expense

639,695

739,583

662,019

576,895

499,571

Income before income taxes

308,417

202,902

265,082

447,963

308,653

Applicable income taxes

101,954

55,162

81,974

125,605

102,380

Net income

$

206,463

147,740

183,108

322,358

206,273

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

March 31

Dollars in thousands

2012

2011

Change

ASSETS

Cash and due from banks

$

1,344,092

972,005

38

%

Interest-bearing deposits at banks

1,282,040

100,101

1,181

Federal funds sold and agreements

to resell securities

-

10,300

-100

Trading account assets

517,620

413,737

25

Investment securities

7,195,296

6,507,165

11

Loans and leases:

Commercial, financial, etc.

15,938,672

13,826,299

15

Real estate - commercial

24,486,555

20,891,615

17

Real estate - consumer

8,696,594

6,154,960

41

Consumer

11,799,929

11,245,807

5

Total loans and leases, net of unearned discount

60,921,750

52,118,681

17

Less: allowance for credit losses

909,006

903,703

1

Net loans and leases

60,012,744

51,214,978

17

Goodwill

3,524,625

3,524,625

-

Core deposit and other intangible assets

159,619

113,603

41

Other assets

5,150,851

5,024,694

3

Total assets

$

79,186,887

67,881,208

17

%

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$

20,648,970

15,219,562

36

%

Interest-bearing deposits

39,868,782

34,264,867

16

Deposits at Cayman Islands office

395,191

1,063,670

-63

Total deposits

60,912,943

50,548,099

21

Short-term borrowings

511,981

504,676

1

Accrued interest and other liabilities

1,856,749

1,015,495

83

Long-term borrowings

6,476,526

7,305,420

-11

Total liabilities

69,758,199

59,373,690

17

Shareholders' equity:

Preferred

866,489

743,385

17

Common (1)

8,562,199

7,764,133

10

Total shareholders' equity

9,428,688

8,507,518

11

Total liabilities and shareholders' equity

$

79,186,887

67,881,208

17

%

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $331.3 million

at March 31, 2012 and $197.5 million at March 31, 2011.

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

March 31,

December 31,

September 30,

June 30,

March 31,

Dollars in thousands

2012

2011

2011

2011

2011

ASSETS

Cash and due from banks

$

1,344,092

1,449,547

1,349,057

1,297,335

972,005

Interest-bearing deposits at banks

1,282,040

154,960

2,226,779

2,275,450

100,101

Federal funds sold and agreements

to resell securities

-

2,850

5,000

415,580

10,300

Trading account assets

517,620

561,834

605,557

502,986

413,737

Investment securities

7,195,296

7,673,154

7,173,797

6,492,265

6,507,165

Loans and leases:

Commercial, financial, etc.

15,938,672

15,734,436

15,218,502

15,040,892

13,826,299

Real estate - commercial

24,486,555

24,411,114

23,961,306

24,263,726

20,891,615

Real estate - consumer

8,696,594

7,923,165

7,065,451

6,970,921

6,154,960

Consumer

11,799,929

12,027,290

12,156,005

12,265,690

11,245,807

Total loans and leases, net of unearned discount

60,921,750

60,096,005

58,401,264

58,541,229

52,118,681

Less: allowance for credit losses

909,006

908,290

908,525

907,589

903,703

Net loans and leases

60,012,744

59,187,715

57,492,739

57,633,640

51,214,978

Goodwill

3,524,625

3,524,625

3,524,625

3,524,625

3,524,625

Core deposit and other intangible assets

159,619

176,394

193,556

210,957

113,603

Other assets

5,150,851

5,193,208

5,292,781

5,374,316

5,024,694

Total assets

$

79,186,887

77,924,287

77,863,891

77,727,154

67,881,208

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$

20,648,970

20,017,883

19,637,491

18,598,828

15,219,562

Interest-bearing deposits

39,868,782

39,020,839

39,330,027

40,078,834

34,264,867

Deposits at Cayman Islands office

395,191

355,927

514,871

551,553

1,063,670

Total deposits

60,912,943

59,394,649

59,482,389

59,229,215

50,548,099

Short-term borrowings

511,981

782,082

694,398

567,144

504,676

Accrued interest and other liabilities

1,856,749

1,790,121

1,563,121

1,557,685

1,015,495

Long-term borrowings

6,476,526

6,686,226

6,748,857

7,128,916

7,305,420

Total liabilities

69,758,199

68,653,078

68,488,765

68,482,960

59,373,690

Shareholders' equity:

Preferred

866,489

864,585

862,717

860,901

743,385

Common (1)

8,562,199

8,406,624

8,512,409

8,383,293

7,764,133

Total shareholders' equity

9,428,688

9,271,209

9,375,126

9,244,194

8,507,518

Total liabilities and shareholders' equity

$

79,186,887

77,924,287

77,863,891

77,727,154

67,881,208

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $331.3 million at March 31, 2012, $356.4 million at

December 31, 2011, $192.5 million at September 30, 2011, $228.8 million at June 30, 2011 and $197.5 million at March 31, 2011.

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet

and Annualized Taxable-equivalent Rates

Three months ended

Change in balance

March 31,

March 31,

December 31,

March 31, 2012 from

Dollars in millions

2012

2011

2011

March 31,

December 31,

Balance

Rate

Balance

Rate

Balance

Rate

2011

2011

ASSETS

Interest-bearing deposits at banks

$

301

.28

%

115

.13

%

1,973

.25

%

161

%

-85

%

Federal funds sold and agreements

to resell securities

3

.50

15

.53

6

.38

-83

-60

Trading account assets

93

1.57

110

1.61

82

1.30

-15

14

Investment securities

7,507

3.54

7,219

4.17

7,633

3.48

4

-2

Loans and leases, net of unearned discount

Commercial, financial, etc.

15,732

3.71

13,573

3.93

15,392

3.78

16

2

Real estate - commercial

24,559

4.42

21,003

4.71

24,108

4.47

17

2

Real estate - consumer

8,286

4.60

6,054

5.06

7,480

4.77

37

11

Consumer

11,907

4.80

11,342

5.13

12,097

4.87

5

-2

Total loans and leases, net

60,484

4.35

51,972

4.67

59,077

4.39

16

2

Total earning assets

68,388

4.24

59,431

4.60

68,771

4.17

15

-1

Goodwill

3,525

3,525

3,525

-

-

Core deposit and other intangible assets

168

119

185

40

-9

Other assets

5,945

4,970

5,912

20

1

Total assets

$

78,026

68,045

78,393

15

%

-

%

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing deposits

NOW accounts

$

827

.14

628

.13

826

.15

32

%

-

%

Savings deposits

32,410

.23

27,669

.28

32,179

.27

17

1

Time deposits

5,960

.91

5,700

1.36

6,379

.93

5

-7

Deposits at Cayman Islands office

496

.17

1,182

.14

512

.15

-58

-3

Total interest-bearing deposits

39,693

.33

35,179

.45

39,896

.37

13

-1

Short-term borrowings

828

.15

1,344

.15

674

.10

-38

23

Long-term borrowings

6,507

3.78

7,368

3.26

6,574

3.66

-12

-1

Total interest-bearing liabilities

47,028

.80

43,891

.91

47,144

.82

7

-

Noninterest-bearing deposits

19,598

14,501

20,103

35

-3

Other liabilities

2,024

1,202

1,733

68

17

Total liabilities

68,650

59,594

68,980

15

-

Shareholders' equity

9,376

8,451

9,413

11

-

Total liabilities and shareholders' equity

$

78,026

68,045

78,393

15

%

-

%

Net interest spread

3.44

3.69

3.35

Contribution of interest-free funds

.25

.23

.25

Net interest margin

3.69

%

3.92

%

3.60

%

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend